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Notes to Accounts of Prima Agro Ltd.

Mar 31, 2015

1. Information on dues to Small Scale Industrial Units.

a. No case of suppliers, who are covered under the "interest on delayed payments to Small Scale and Ancillary Industrial Undertaking Act, 1933" has come to the notice of the Company

b. Amount outstanding for payments to SSI 's Rs 1,81,108.80.

c. Name of the SSI units to whom the Company owes any sum which is outstanding for more than 1 year:

(1) MBR Agro Ind. Rs 1, 81,108.80

c. The above information has been compiled to the extent to which the parties could be identified as Small Scale and ancillary undertakings on the basis of the information made available by the Company.

2. Closing stock of fire wood is as valued and certified by the Managing Director.

3. Value of imports calculated on C.I.F. basis during the year Raw Materials Rs. Nil (Previous Year - Nil)

There were no earnings in foreign currency during the year/previous year.

4. Balances in the accounts of debtors, creditors and financial institutions are subject to confirmation.

5. Related Party Transactions

a. List of Related parties with whom transactions have taken place and relationships

Name of Related Party Relationship

Sanjay Gupta Key Managerial Personnel Swati Gupta

Ayyappa Roller Flour Mills Ltd. Ayyappa Real Estate (P) Ltd PAPL Exim India Ltd Prima Alloys (P) Ltd Entity in which Key Managerial Prima Beverages (P) Ltd Personnel have significant Prima Credits Ltd influence Prima Industries Ltd

6. During the year 2000-01, a complaint was filed by Food Corporation of India, against the Company in the Hon'ble High Court of Kerala. At this time, it's not possible to predict the potential financial impact on the Company of an adverse decision. And in this concern the company has executed a bank guarantee of Rs 10,00,000.00 with State Bank of India, Commercial Branch, Cochin as per the order of Hon'ble High Court Of Kerala dated 07/04/2000 in C.M.P.18042/2000 in O.P No.10898/2000. Interest on such deposit has not been accounted in the books of accounts.

7. Mr. Sanjay Gupta, Managing Director of the company has been diagnosed on detailed medical examination and confirmed that he has been affected with Stage IV Adenocarcinoma of the GE junction with liver metastasis. The Board of Directors of the company on 27/06/2014 considered the complexity of the disease based on th e diagnostic result and realised that appropriate treatment for its complete cure is not available in India. Further the Board recorded his dedicated and honest effort from inception of the company for its prosperity and unanimously decided to meet the all expenses including medical, travelling and boarding for providing expert medical treatment anywhere in the world as his further contribution and effort is inevitable for the mere existence of the company. This is decided as commercial expediency too. During the year, the company has incurred an amount of Rs 90,98,649/- towards medical expenses and an amount of Rs 18,02,189/- towards travelling expenses in this regard.

8. Previous year figures have been regrouped or recast wherever necessary to suit current year's layout.




Mar 31, 2014

1. Information on dues to Small Scale Industrial Units.

a. No case of suppliers, who are covered under the "interest on delayed payments to Small Scale and Ancillary Industrial Undertaking Act, 1933" has come to the notice of the Company

b. Amount outstanding for payments to SSI''s 1,81,108.80.

c. Name of the SSI units to whom the Company owes any sum which is outstanding for more than 1 year:

(l)MBR Agrolnd. 1,81,108.80

d. The above information has been compiled to the extent to which the parties could be identified as Small Scale and ancillary undertakings on the basis of the information made available by the Company

1. Closing stock of packing materials is as valued and certified by the Managing Director.

2. Packing materials consumption is net of recovery.

3. Value of imports calculated on C.I.F. basis during the year Raw Materials Rs. Nil (Previous Year - Nil)

There were no earnings in foreign currency during the year/previous year.

4. Balances in the accounts of debtors, creditors and financial institutions are subject to confirmation.

5. During the year 2000-01, a complaint was filed by Food Corporation of India, against the Company in the Hon''ble High Court of Kerala. At this time, it''s not possible to predict the potential financial impact on the Company of an adverse decision. And in this concern the company has executed a bank guarantee of Rs.10,00,000.00 with State Bank of India, Commercial Branch, Cochin as per the order of Hon''ble High Court Of Kerala dated 07/04/2000 in C.M.P.18042/2000 in O.P No.10898/2000. Interest on such deposit has not been accounted in the books of accounts.

6. The company has issued 60,00,00010% Cumulative Redeemable Preference Shares of Rs. 10 each on 12/04/2013. Dividend for the year has not been provided in the books of accounts and is in accordance with the terms of issue of such shares.

7. Previous year figures have been regrouped or recast wherever necessary to suit current year''s layout.


Mar 31, 2013

1. Information on dues to Small Scale Industrial Units.

a.No case of suppliers, who are covered under the "interest on delayed payments to Small Scale and Ancillary Industrial Undertaking Act, 1933" has come to the notice of the Company

b. Amount outstanding for payments to SSI ''s Rs 1,81,108.80.

c. Name of the SSI units to whom the Company owes any sum which is outstanding for more than 1 year:

(1) MBR Agro Ind. 1, 81,108.80

d. The above information has been compiled to the extent to which the parties could be identified as Small Scale and ancillary undertakings on the basis of the information made available by the Company.

2. Claims against the company not acknowledged as debt – Nil

3. Closing stock of packing materials is as valued and certified by the Managing Director.

4. Packing materials consumption is net of recovery.

5. Value of imports calculated on C.I.F. basis during the year Raw Materials Rs. Nil (Previous Year – Nil)

There were no earnings in foreign currency during the year/previous year.

6. Balances in the accounts of debtors, creditors and financial institutions are subject to confirmation.

7. As per the Compromise Petition No. 2154/12 dated 24/08/2012 jointly submitted by the company and State Bank of India before the Honourable Debt Recovery Tribunal, Ernakulam, the company has paid the balance sum of Rs 4,65,00,000/- during the year out of total agreed settlement of Rs 5,10,00,000/-. The Honourable Tribunal vide its Order dated 27/08/2012 dismissed the Original Appeal No. 289 of 2005 as settled out of Tribunal. Accordingly the company has transferred an amount of Rs 12, 23, 62,017/- to Capital Reserve A/c being the balance outstanding in Loan a/c Rs 6, 78, 93,444/- and Interest on CC a/c 5, 44, 68,573/-, since the loan is acknowledged as a liability on Capital A/c and Interest on such loan subjected to disallowance for the purpose of Income Tax computation in earlier years.

8. Previous year figures have been regrouped or recast wherever necessary to suit current year''s layout.


Mar 31, 2012

1. The loan outstanding with Bank of India is fully settled vide letter dated 29/09/2011 for an amount of Rs. 2,02,00,000. The original loan amount sanctioned was Rs. 4,14,00,000/- which became an NPA in the year 2002-03 on which date the outstanding amount was Rs. 4,77,28,000/-. The first OTS accepted by the bank in 2007 wasRs. 1,63,00,000/-against which an amount ofRs. 36,02,000/-was paid. Subsequently, in the current financial year, a new OTS was finally accepted for Rs. 2,02,00,000/- which was fully repaid.

2. Information on dues to Small Scale Industrial Units.

a. No case of suppliers, who are covered under the "interest on delayed payments to Small Scale and Ancillary Industrial Undertaking Act, 1933" has come to the notice of the Company

b. Amount outstanding for payments to SSI's Rs. 1,81,108.80.

c. Name of the SSI units to whom the Company owes any sum which is outstanding for more than 1 year:

(l)MBRAgrolnd. 1,81,108.80

d. The above information has been compiled to the extent to which the parties could be identified as Small Scale and ancillary undertakings on the basis of the information made available by the Company.

3. Interest @ 12% has been charged by the company during the year on the loan outstanding from State Bank of India. Confirmation from the bank is not received for balance outstanding in respect of the loan.

4. Closing stock of packing materials is as valued and certified by the Managing Director.

5. Packing materials consumption is net of recovery.

6. Value of imports calculated on C.I.F. basis during the year

Raw Materials Rs. Nil (Previous Year - Nil)

There were no earnings in foreign currency during the year/previous year.

7. Balances in the accounts of debtors, creditors and financial institutions are subject to confirmation.

8. Deferred revenue expenditure amounting to Rs. 34,19,344.15 has been fully written off during the year in accordance with the regulations laid down in AS - 26 "Intangible Assets'.

9. The Company has started job work for KSCSC from January 2002 onwards and for KSE Limited from June 2003 onwards.

10. Previous year figures have been regrouped or recast wherever necessary to suit current year's layout.


Mar 31, 2010

1. The amount of borrowing costs capitalized during the year is Nil

2. Claims against the company not acknowledged as debt - Nil

3. Closing stock of raw materials is as valued and certified by the Managing Director.

4. Packing materials consumption is net of recovery.

5. Value of imports calculated on C.I.F. basis during the year Raw Materials Rs. Nil (Previous Year - Nil)

There were no earnings in foreign currency during the year/previous year.

6. Previous year figures have been regrouped or recasted wherever necessary to suit current years layout.

7. Balances in the accounts of debtors, creditors and financial institutions are subject to confirmation.

8. During the period deferred revenue expenditure has not been written off.

9. Investment includes investments in equity share of M/s. Prima Industries Limited amounting Rs 1,01,95,280/- (previous year Rs. 1,01,95,280/-)

10. ESI and EPF dues to be remitted as at 31-03-2010 are Rs 7,023.00 and Rs. 29,443.00 respectively.

11. Unsecured loans include security deposit from dealers.

12. Information on dues to Small Scale Industrial Units.

a. No case of suppliers, who are covered under the "interest on delayed payments to Small Scale and Ancillary Industrial Undertaking Act, 1933" has come to the notice of the Company

b. Amount outstanding for payments to SSIs Rs 2,96,961.51.

c. Name of the SSI units to whom the Company owes any sum which is outstanding for more than 1 year:

(l)MBRAgrolnd. 1,81,108.80

(2) MAK Solvent 1,15,852.71

d. The above information has been compiled to the extent to which the parties could be identified as Small Scale and ancillary undertakings on the basis of the information made available by the Company.

13. The One Time Settlement scheme of bank was not fulfilled by the company till date and the date has not been extended by the concerned bankers.

14. Interest @ 12% has been charged by the company during the year on the loan outstanding from State Bank of India and Bank of India. No interest has been charged on loan from Kerala Financial Corporation.

15. Contingent liabilities on account of Sales Tax appeals filed by the Company relating to the previous years 1989- 90 to 1999-00 ( both CST and KGST) amounting to Rs 4,74,22,157/-(Previous year Rs 4,74,22,157/-) are not provided for in the accounts

16. Contingent liabilities on account of a lease agreement with Kerala Financial Corporation towards the balance amount payable by the Company amounting to Rs. 42,51,226/- (previous year Rs.42,51,226/-) has not been provided for in the accounts. Kerala Financial Corporation holds a first charge on the fixed assets of Flour Mill Division of the company.

17. Segment Reporting

The entire operations of the company constitute only one segment, viz manufacturing, processing and trading of Agro based products and hence AS-17 "Segment Reporting" issued by the Institute of Chartered Accountants of India has not been made applicable.

18. Taxation:

No Provisions has been made for current taxes as per the provisions of Minimum Alternate Tax (MAT) under the Income Tax Act, 1961 due to unabsorbed depreciation and carry forward business losses.

There was no material deferred tax liability at the beginning of the year as the timing differences, if any, were absorbed earlier to that date. Same is the case for the current year. Deferred tax asset is not created as a measure of prudence.

19. The Company has started job work for KSCSC from January 2002 onwards and for KSE Limited from June 2003 onwards.

20. Additional particulars with regard to Sundry Debtors:

a) Debts considered good and in respect of which company is fully secured Rs. Nil (Previous year - Nil)

b) Debts for which company holds no security other than debtors personal security Rs.45,58,365.90/-

(Previous year Rs. 39,58,636/-) of which debts considered good and outstanding for less than six months Rs. Nil (Previous year - Nil)

c) Debts considered doubtful or bad, exceeding six months Rs.45,58,365.90/- (Previous year Rs. 39,58,636/-)

d) Debts due by Directors or other officers of the company or any of them either severally or jointly with any other person or debts due by firms or companies in respect of which any director is a partner or a director or member - Rs 2,97,67,557.05.

e) The maximum amount due by directors or other officers of the company at any time during the year Rs. Nil (Previous year Nil)









 
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